City briefs: Solid State; Trakm8
Specialist component supplier and manufacturer Solid State doubled its profit last financial year after a series of contract wins and acquisitions.
Adjusted profit before tax was up 50% to £10.8m for the Redditch-based firm, which snapped up a Californian battery pack manufacturer, Custom Power for $45m last August
Solid State was awarded a Transport for London contract to deliver a One Person Operation CCTV system as part of the Piccadilly Line Upgrade on the London Underground Network as well as securing contracts worth £17.1m with NATO Support and Procurement Agency (NSPA) to supply communications equipment to a defence customer through the group’s Systems division.
The firm saw a 48% increase in revenue to £126.5m, which it says reflects the benefit of a significant foreign exchange tailwind with the US dollar.
Gary Marsh, Chief Executive said: “Solid State has had a really productive year, building on the pillars of our long-term growth strategy. The acquisition of Custom Power deepens sector specialism, broadens product offering and extends international reach to an increasingly global client base.
“By targeting structurally growing end markets and having a specialist technology-led workforce, the Board is optimistic for the continued success of the business. The Group remains ambitious to meet the new 2030 targets for the benefit of all stakeholders.”
Trakm8, the Coleshill telematics and data insight firm has seen a £12% increase in revenue after securing substantial contract extensions with Iceland Foods and Sainsburys.
The group saw revenues of £20.2m and and posted an adjusted profit before tax of £300k when last year it took home nothing before tax.
The firms telematic units have been installed in 348k vehicles, a 32% increase on last year, which monitor driver behaviour, identify crash events and monitor vehicle health to provide insights to improve the security and operational efficiency of both company fleets and private drivers.
It supplies to customers such as Direct Line Group, Ticker, Howden, Sainsburys, Iceland Foods, AA, EON, GSF, and Saint Gobain.
